Originally published on: November 29, 2024
As excitement builds around United States President-elect Donald Trump’s upcoming inauguration on Jan. 20, Ethereum’s price is on track to surpass $4,000, fueled by growing investor optimism and the expected shift in regulatory scrutiny under Securities and Exchange Commission Chair Gary Gensler.
Not to be outdone, Dogecoin has flipped luxury automaker Porsche in market capitalization, driven by endorsements from Elon Musk and the anticipation of a potential exchange-traded product (ETP).
According to industry experts, Ethereum’s momentum is on the rise, with over $8.9 billion in open contracts, outperforming Bitcoin’s $6.7 billion in open interest.
The recent decline in Bitcoin open interest suggests a strategic repositioning rather than mass liquidations, setting the stage for Ethereum to rally above $4,000 before Trump’s inauguration.
Meanwhile, the Ethereum ecosystem continues to show strong growth, with layer-2 networks locking in a record-high of over $51.5 billion in total value.
Cardano founder Charles Hoskinson predicts that decentralized finance (DeFi) in the Bitcoin ecosystem will outshine all other crypto DeFi within the next two to three years, highlighting the potential for Bitcoin DeFi and a new model for bridging Bitcoin without centralized exchanges.
Despite challenges in the banking sector, more than 30 technology and cryptocurrency founders in the U.S. have reportedly been denied access to banking services in what some call “Operation Chokepoint 2.0,” sparking concerns within the industry.
In the crypto market, Stellar’s XLM token emerged as the week’s top performer, surging over 81%, followed closely by The Sandbox’s SAND metaverse token, up over 80% in the past week.
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